U.S. Equities

As previously announced in the November 13, 2024 Alert, the MIAX Pearl Equities (EPRL) Exchange will offer Extended Hours Trading.

1. Updated Hours of Operation:
   1. 1:30 AM - 3:00 AM EST:  Start of System Hours
      1. Dissemination of Start of Session message and multicast heartbeats over all market data feeds
      2. Dissemination of symbol reference data over all market data feeds and retransmission services
   2. 3:00 AM EST:  Order Interface Availability
      1. Firms can connect to MIAX Express Order Interface (MEO)
      2. Firms can connect to FIX Order Interface (FOI) and all other FIX applications (OFXD, FXD)
   3. 3:30 AM EST:  Live Order Window (LOW) Opens
      1. Firms can send orders via MEO and FIX
   4. 4:00 AM EST:  Start of Early Trading Session
   5. 9:30 AM EST:  Start of Regular Trading Hours
      1. Opening Process conducted
      2. Regular Trading Session begins at the completion of the Opening Process
   6. 4:00 PM EST:  End of Regular Trading Session (ends at 1:00pm on early closing days)
   7. 4:00 PM EST:  Start of Late Trading Session (begins at 1:00pm on early closing days)
   8. 8:00 PM EST:  End of Late Trading Session (ends at 5:00 PM on early closing days)
      1. Final trade corrections and clearing adjustments
2. New Features:
   1. New “Aggressive Side Purge (ASP) Cancel” Functionality for the MEO Interface
   2. Support for new Time in Forces (TIF) and TIF Modifications
   3. New Liquidity Indicators to Support Early and Late Trading Sessions
3. Expected Roll-Out:
   1. Beginning Thursday, February 20, 2025:
      1. Early and Late Trading Sessions: Go-Live for Test Securities Only
         1. New TIFs will only be supported for Test Securities at this time
      2. All other new features will be available at this time
   2. Beginning Tuesday, February 25, 2025:
      1. Early and Late Trading Sessions: Go-Live for All Securities
         1. New TIFs will be supported for All Securities at this time
4. Mandatory Update Details:
   1. This release necessitates a mandatory upgrade to all FIX and MEO Interfaces to the latest version by Monday, March 31, 2025. All older protocols will not be supported after this date.
   2. Certification is required to upgrade for both the FIX and MEO Interfaces. Please contact TradingOperations@miaxglobal.com to schedule a certification.
   3. The above features are now available for testing in the EPRL Firm Test Bed (FTB2).
      1. FTB2 is now available beginning at 2:00 AM ET until 11:00 PM ET.
      2. FTB2 is now available from 2:00 AM ET until 11:00 PM ET.
         1. The Early Trading Session in FTB2 will begin at 2:00 AM ET and end at 9:30 AM ET.
         2. The Late Trading Session in FTB2 will begin at 4:00 PM ET and end at 11:00 PM ET.

To arrange interface testing, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.